Pendeford Mortgages - FRN Variable Rate Fix

RNS No 9486q
PENDEFORD MORTGAGES NO 1 PLC
15th June 1998


PENDEFORD MORTGAGES NO 1 PLC
GBP 200,000,000 CLASS A2 MORTGAGE BACKED FLOATING
RATE NOTES DUE 2037.  XS0063800188
GBP 300,000,000 CLASS A3 MORTGAGE BACKED FLOATING
RATE NOTES DUE 2037.  XS0063800428
GBP 195,000,000 CLASS A4 MORTGAGE BACKED FLOATING
RATE NOTES DUE 2037.  XS0064204869
GBP 30,000,000 CLASS A5 MORTGAGE BACKED FLOATING
RATE NOTES DUE 2037.  XS0064205593
PLEASE BE ADVISED THAT WE HAVE TODAY SET THE RATES
ON THE ABOVE ISSUES FOR THE PERIOD 15JUN98 TO
15SEP98 AS FOLLOWS:

CLASS A2 7.8075 PCT PER ANNUM
CLASS A3 7.8475 PCT PER ANNUM
CLASS A4 7.8675 PCT PER ANNUM
CLASS A5 8.0375 PCT PER ANNUM

INTEREST PAYABLE VALUE 15SEP98 WILL BE AS FOLLOWS:
CLASS A2 GBP1,789.00 PER GBP 90,908.41 NOTE
CLASS A3 GBP1,978.00 PER GBP 100,000,00 NOTE
CLASS A4 GBP1,983.04 PER GBP 100,000.00 NOTE
CLASS A5 GBP2,025.89 PER GBP 100,000.00 NOTE.

CHRISTINE MIRANDA
GLOBAL TRUST AND AGENCY SERVICES
0171 325 8818


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